Risk assessment of wind power ramp events based on prospect theory

Wind power ramp event has obvious time-sequence characteristics whose probability is small but the risk is high. It is a small probability and high risk event. The risk assessment method based on the traditional expected utility theory is difficult to distinguish them from the conventional wind power fluctuation. Aiming at this problem, according to the rule of risk aversion, a model of risk assessment which is suitable for the wind power ramp events based on prospect theory is proposed. Take the IEEE-RTS24 node system as an example, this paper compare various scenarios the effectiveness of the model is verified by the system operational risk assessment.